$312 Million in Token Unlocks Hit ENA, SOL and DOGE in Early November

October 23, 2026 MM Crypto Team

Token Unlocks Worth $312 Million Arrive November 3–10

The crypto market is bracing for a wave of scheduled token unlocks between November 3 and November 10, with a total value exceeding $312 million, according to data from Tokenomist reported by Coinpedia. These releases will add previously locked tokens to the circulating supply of a dozen assets — from Ethena’s ENA to Solana, Dogecoin, Worldcoin, and Avalanche — and traders are watching closely because large unlocks can introduce short-term volatility as new supply enters circulation.

Token unlocks are among the most predictable — and most misread — events in crypto markets. They are written into a token’s vesting schedule long before they happen: a fixed number of tokens, locked at launch or during fundraising rounds, becomes transferable on a predetermined date. Everyone can see them coming, which means the market often prices in part of the expected selling pressure in advance. But “priced in” is a hypothesis, not a guarantee — the recipients’ actual behavior decides what really happens to the price.

This week’s schedule is notable for its composition rather than any single event. The largest dollar unlock belongs to Solana at $92.20 million, yet it represents just 0.09% of SOL’s supply. The unlock that should actually worry traders is Ethena’s ENA at $63.05 million, a one-time release equal to 2.52% of its supply. The gap between those two events illustrates the single most important rule for reading unlock calendars: the dollar figure makes the headline, but the percentage of supply determines the market impact.

ENA Leads the One-Time Unlocks at $63 Million

The major one-time unlocks — single cliff releases where all tokens unlock at once — are led by ENA (Ethena), with $63.05 million worth of tokens, or 2.52% of supply, set to unlock. That makes ENA both the largest one-time unlock of the week and the one traders will scrutinize most closely, because cliff unlocks deliver their full supply shock in a single moment rather than spreading it across days.

Behind ENA come several smaller one-time unlocks, each worth more than $5 million individually: MEME at $5.22 million (5.98%), MOVE at $3.37 million (1.82%), BB at $3.07 million (3.85%), RED at $1.78 million (2.40%), SXT at $1.28 million (1.62%), and MAVIA at $1.15 million (16.92%). These tokens matter less in absolute terms, but several carry eye-catching supply percentages. MEME’s 5.98% and BB’s 3.85% are meaningful dilutions for smaller-cap tokens with thinner order books, and MAVIA’s 16.92% is a striking figure: nearly one-sixth of its supply unlocking in a single event.

One-time unlocks concentrate risk because recipients receive everything at once. The tokens typically belong to early investors, team members, or ecosystem treasuries, and their behavior depends on lockup expirations, tax considerations, and market conditions. Some sell immediately to lock in gains; others hold because dumping into thin liquidity would crush their own exit price. The market cannot know which until the unlock lands — which is why cliff unlocks generate outsized attention relative to their dollar value.

One-Time vs. Linear Unlocks: How the Mechanics Differ

The second half of the week’s schedule consists of linear unlocks — gradual releases exceeding $1 million per day that spread new supply over the week. Solana’s $92.20 million unlock is the largest by value, joined by TRUMP at $36.68 million (2.45%), WLD (Worldcoin) at $30.84 million (1.64%), DOGE at $17.82 million (0.06%), AVAX at $12.96 million (0.16%), ASTER at $12.34 million (0.51%), TAO at $12.17 million (0.26%), IP at $9.84 million (0.72%), and ETHFI at $8.34 million (1.51%).

The mechanics differ in ways that matter for price impact. A one-time cliff unlock is a discrete event: tokens appear, recipients decide, and the market absorbs the outcome — usually within hours. A linear unlock is a continuous flow: new tokens trickle into circulation day after day, creating steady, predictable selling pressure the market can observe and adapt to. Linear unlocks rarely cause sudden crashes, but they act as a persistent headwind — every rally must absorb the day’s new supply before it can advance.

There is also a meaningful distinction in who receives the tokens. Cliff unlocks typically go to insiders — investors, founders, advisors — whose cost basis is far below the market price and whose incentive to sell is strong. Linear unlocks often distribute to broader categories: staking rewards, ecosystem grants, or team allocations vested monthly. That mix affects selling behavior: staking-reward recipients may compound rather than sell, while team members may sell on a schedule to cover salaries and taxes.

Why Percentage of Supply Matters More Than Dollar Value

The most common mistake in reading token unlock schedules is sorting by dollar value. Solana’s $92.20 million unlock dominates the headline ranking, but it represents just 0.09% of SOL’s circulating supply — a quantity the market absorbs routinely in a single hour of normal trading. Dogecoin’s $17.82 million is similarly trivial at 0.06% of supply. These are large numbers describing tiny events.

The unlocks that deserve real attention are the ones with large supply percentages. MAVIA’s 16.92% one-time unlock is the week’s standout: unlocking nearly a sixth of a token’s supply in one event is the kind of dilution that can overwhelm order-book liquidity for days. MEME at 5.98%, BB at 3.85%, and ENA at 2.52% are the next tier — percentages that can move prices in smaller-cap tokens where daily trading volumes are modest relative to the unlock. Even in the linear category, TRUMP at 2.45% per day-equivalent and WLD at 1.64% represent sustained dilution that compounds across the week.

The reason percentage matters is liquidity math. A token’s price is set at the margin by the balance of buyers and sellers in its order books. Adding 0.09% to circulating supply changes nothing; adding 16.92% can swamp the buy side entirely, especially if recipients sell aggressively. Professional traders read unlock calendars in percentage-of-supply terms and pair that with liquidity data — average daily volume and order-book depth — to estimate how much the market can absorb without a price dislocation.

How Markets Typically React to Large Token Unlocks

Token unlocks often trigger short-term selling pressure, especially when the release is large relative to circulating supply — but the pattern is far from uniform. Research on historical unlocks shows a consistent asymmetry: prices tend to drift lower into the unlock date as traders position for the event, then either recover or fall further depending on what recipients actually do. The pre-unlock drift is the “priced in” effect; the post-unlock move is the information effect, revealing whether the feared selling materialized.

Several factors determine the outcome. Market sentiment dominates: in a strong bull market, new supply is absorbed eagerly and the unlock becomes a non-event; in a weak market, the same unlock can accelerate a selloff. Liquidity is second — high-volume tokens like SOL and DOGE absorb their unlocks with barely a ripple, while low-liquidity tokens can gap down. Narrative is third: unlocks for projects with strong upcoming catalysts tend to be absorbed better, because recipients have reasons to hold and buyers have reasons to buy.

For this week, the Coinpedia outlook notes that ENA, MEME, and WLD — with smaller liquidity bases relative to their unlocks — face the highest volatility risk. The caveat, as always: if institutional and retail demand remains steady, much of the new supply could be absorbed without major disruption. Unlocks create supply; demand determines the price; the interaction between the two is only knowable after the fact.

The Week’s Watch List: Risks and Outlook

For traders, the practical question is not whether unlocks matter in the abstract but which ones to watch and how to position. The week’s watch list sorts itself naturally. ENA is the headline event: $63.05 million in a single cliff, 2.52% of supply, on a token with an active derivatives market where the unlock is already being discussed. MAVIA is the highest-risk event by percentage: 16.92% of supply unlocking at once is the kind of figure that demands caution regardless of dollar value. MEME (5.98%) and BB (3.85%) are the mid-tier risks where thinner liquidity amplifies the percentage effect.

On the linear side, the ones to track are TRUMP (2.45%) and WLD (1.64%), where the daily flow of new supply could act as a drag across the week, and SOL ($92.20 million, 0.09%), where the dollar figure is dramatic but the supply impact is negligible — a useful reminder that headlines and market impact are different things.

The broader outlook depends on conditions nobody can schedule. With over $312 million in tokens entering circulation in a single week, volatility across affected assets is likely to rise — but unlock weeks are a recurring feature of crypto markets, and the market has a well-worn playbook for them. The unlocked-equals-sold assumption is the trap to avoid: unlocked tokens are available to sell, not obligated to sell. Traders who read the calendar in percentages, watch liquidity, and wait for the post-unlock information will be better positioned than those who react to the dollar headline.

FAQ

What is a token unlock?

A token unlock is a scheduled event where previously locked tokens — held by early investors, team members, or treasuries under vesting agreements — become transferable and enter the circulating supply. Unlocks are written into a token’s schedule in advance and tracked by data providers like Tokenomist, making them predictable but not necessarily “priced in.”

Why does percentage of supply matter more than dollar value?

Because price is set by the balance of buyers and sellers. SOL’s $92.20 million unlock is just 0.09% of supply — trivial for a deep market — while MAVIA’s $1.15 million unlock is 16.92% of its supply, a dilution that can overwhelm thin order books. The supply percentage, paired with liquidity, determines real market impact.

Which unlocks this week carry the most risk?

By supply percentage: MAVIA (16.92%, one-time), MEME (5.98%), BB (3.85%), and ENA (2.52% on a $63.05M cliff). In the linear category, TRUMP (2.45%) and WLD (1.64%) face sustained daily pressure. SOL and DOGE have the largest dollar figures but negligible supply percentages.

Source: Coinpedia

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